Company Owned By Conglomerate Hary Tanoesoedibjo Officially Signs Coal Mine Sale And Purchase Agreement, Transaction Of IDR 2 Trillion

Conglomerate Hary Tanoesoedibjo. (Photo: Doc. Forbes)

JAKARTA - The company belonging to the conglomerate Hary Tanoesoedibjo, PT MNC Energy Investment Tbk (IATA) officially acquired 99.33 percent of PT Bhakti Coal Resources' shares from the ownership of PT Bhakti Investama Tbk (BHIT).

Vice President Director of MNC Energy Investment, A. Whisnu Handoyo, explained that his party as the buyer of Bhakti Coal Resources (BCR) shares signed a sale and purchase agreement with MNC Investama as the seller on February 23, 2022.

"The company made payments to MNC Investama through the issuance of promissory notes", he said in information disclosure on the IDX, quoted Tuesday, March 1.

The transaction previously obtained shareholder approval through the Extraordinary General Meeting of Shareholders (EGMS) on February 10, 2022. The takeover of Bhakti Coal Resources from MNC Investama can provide benefits and positive impacts for IATA by considering that after the takeover, Bhakti Coal Resources will provide more benefits for investments made by IATA.

Previously, the Executive Chairman of MNC Group, Hary Tanoesoedibjo, set PT Indonesia Transport & Infrastructure Tbk to change its name to PT MNC Energy Investments Tbk. (IATA) and changed its main business activity from an air transportation company to coal mining.

Hary Tanoesoedibjo said that one of the reasons for the change in IATA's business line was because the company saw an opportunity for a surge in global coal prices.

"Even entering the second half until the end of 2021, the price of this mineral shot up to touch the highest price of all time", he said at a press conference, Thursday, February 10.

In 2022, coal prices are predicted to continue to skyrocket as a result of high demand and shrinking supply. This increase will certainly boost the national coal price.

BCR is the holding company of nine coal companies with Mining Business Permits (IUP) in Musi Banyuasin, South Sumatra, which include PT Bhumi Sriwijaya Perdana Coal (BSPC) and PT Putra Muba Coal (PMC). IATA and BHIT agree that 99.33 percent of the BCR purchase transaction price is US$ 140 million or equivalent to IDR 2 trillion (exchange rate of IDR 14,300).